"But we also have an opportunity, and a responsibility, to help local news organizations grow and thrive".
Unlike Facebook's previous investments into the news industry, this latest round is distinguished by how it is not tied to Facebook-related products.
There have been some critics of the move, just as there were in the U.K. Those criticisms relate mostly to Facebook "controlling the supply chain" of news, and further increasing its power. According to the Pew Research Center, newspaper revenue has fallen industry-wide from more than $49 billion in 2006 to about $16.5 billion in 2017 - a trend Facebook's $300 million is unlikely to reverse on its own.
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A similar initiative was launched in the U.K.in November previous year when Facebook invested $6 million in a "Community News Project".
It also includes a $1 million commitment to the American Journalism Project, aiming at promoting venture philanthropy and local civic news organizations.
Facebook also announced an investment of more than $20m to expand the Facebook Accelerator programme, which helps small publishers optimise their membership and subscription models.
Knight-Lenfest Local News Transformation Fund: a $1 million investment in this fund will be dedicated to a news innovation and technology hub that is being created to help evaluate and improve how technology is used in US newsrooms for newsgathering, product development, and sustainable business models.
In November 2018, Facebook donated $4.5m to fund 80 local news jobs in the UK.
The money will go toward programs, partnerships and content, said Facebook, adding that it felt responsible for helping local news organizations.